We have talked about the rise of EVs (electric vehicles). Now, let’s talk about the future of the electric ship market, where there are big opportunities. Less than 1% of global merchant fleet currently runs on alternative fuels, but that could potentially change in the future, according to one new report.
IDTechEx says the electric ship market has historically been led by electric ferry orders, which make up 37% of the maritime battery capacity deliveries between 2019 and 2022. Geographically, we see Norway is a key area that has already seen much growth, with roughly 100 electric ferries in operation.
Here is how this can help:
- More efficient with electric propulsion.
- Long-term savings for fleet owners.
- Improve efficiency of both engines and future technologies such as hydrogen fuel cells.
Looking to the future, we see the report suggests growth for hybrid cargo vessels. IDTechEx expects zero-emission anchorage requirements, upcoming IMO and EU regulations, and the possibility for larger battery systems per vessel will drive battery installations.